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Shanghai market sags amid inflation concerns
By Lu Nengneng |
January 11, 2012, Wednesday
|
Online Edition
Online Edition
SHANGHAI'S key stock index fell today, snapping a three-day advance as investors turned cautious toward taking long positions ahead of tomorrow's inflation data release.
The benchmark Shanghai Composite Index lost 0.42 percent to 2276.05 points. Turnover shrank to 74.3 billion yuan (US$ 11.8 billion) from yesterday's 91 billion yuan.
Caution was the prevailing sentiment on the market which leveled off from a three-day 6.4 percent winning streak, as tomorrow's release of December's consumer price index is likely to cast uncertainty over the market trend.
Though the inflation gauge is expected to ease further in December, probably to 4 percent from November's 4.2 percent, economists warned of a possible rebound this year, making it less likely for the central government to change its tightening policies.
Banks were among the losers today because the central bank didn't trim down the reserve requirement ratio as expected to ease their liquidity crunch.
Agricultural Bank of China slid 0.74 percent to 2.67 yuan. China CITIC Bank lost 1.17 percent to 4.22 yuan.
The benchmark Shanghai Composite Index lost 0.42 percent to 2276.05 points. Turnover shrank to 74.3 billion yuan (US$ 11.8 billion) from yesterday's 91 billion yuan.
Caution was the prevailing sentiment on the market which leveled off from a three-day 6.4 percent winning streak, as tomorrow's release of December's consumer price index is likely to cast uncertainty over the market trend.
Though the inflation gauge is expected to ease further in December, probably to 4 percent from November's 4.2 percent, economists warned of a possible rebound this year, making it less likely for the central government to change its tightening policies.
Banks were among the losers today because the central bank didn't trim down the reserve requirement ratio as expected to ease their liquidity crunch.
Agricultural Bank of China slid 0.74 percent to 2.67 yuan. China CITIC Bank lost 1.17 percent to 4.22 yuan.
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